Bitcoin Fractional Units | Bitcointalksearch.org

teukon

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Quote from: jbreher on October 29, 2014, 02:46:23 PM

Quote from: adamstgBit on October 28, 2014, 09:41:14 PM

Quote from: Sitting Bull on October 28, 2014, 03:23:33 PM

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

Stupid argument is stupid. Nobody wants their coffee to cost 3470.00, either.

I like the whole numbers myself (I'd drop the ".00") but I see your point. Indeed, this is just the classic "bits" false dichotomy: Either you're with us, or you want everything to be priced in bitcoins for all time.

I wouldn't mind seeing this price displayed as:

3.47 mBTC (0.003 47 BTC)
3.47 mills (0.003 47 BTC)

or even

3.47₥ (0.003 47 BTC)

Whole numbers are good though: "3470µ" (read: "three-four-seventy mikes") and "Ƶ3470" (read: "three-four-seventy zibs") seem fine to me. With so many simple options I see no reason at this point to rally behind the backwards-compatibility-breaking nonsense promoted by this graphic ("bit" is too close to "bitcoin", e.g. "millibit"; XBT already unofficially means 1 bitcoin).

jbreher

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lose: unfind ... loose: untight

Quote from: adamstgBit on October 28, 2014, 09:41:14 PM

Quote from: Sitting Bull on October 28, 2014, 03:23:33 PM

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

Stupid argument is stupid. Nobody wants their coffee to cost 3470.00, either.

solex

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100 satoshis -> ISO code

Quote from: pitham1 on October 26, 2014, 08:08:37 PM

Do we need to call the fractional units as mills and bits? Why not stick with milli-bitcoins and micro-bitcoins?
People all over the world use the metric system. We should adopt it too.

Because people don't use full metric prefixes for money. No salesman puts a sticker price of 17 kilodollars on a car. No one says BillG is worth 40 gigadollars.
You might use an abbreviation and say a car cost 17 "k", just as you can say 17 "grand". It is a shorthand which is in common usage.

Mil has been used historically before e.g.

adamstgBit

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Quote from: Sitting Bull on October 28, 2014, 03:23:33 PM

http://www.reddit.com/r/Bitcoin/comments/2kjtsr/because_no_one_wants_their_coffee_to_cost_000347/

pitham1

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Quote from: solex on October 22, 2014, 10:51:47 PM

Quote from: adamstgBit on October 22, 2014, 09:42:13 PM

This looks good!

Do we need to call the fractional units as mills and bits? Why not stick with milli-bitcoins and micro-bitcoins?
People all over the world use the metric system. We should adopt it too.

adamstgBit

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Quote from: opossum on October 23, 2014, 09:41:01 PM

Quote from: adamstgBit on October 22, 2014, 09:42:13 PM

This is essentially the "system" that is used now. The symbols are really even the same (with the exception of satoshi as I have never seen that symbol before).

As of now, I really don't see any real need to measure bitcoin in any unit of measurement smaller then mBTC as bitcoin is not valuable enough for one additional .1 mBTC to make a difference in the actual price of something.

there is a definite need for these different Fractional Units...

for pricing shitcoins poeple use satoshis.
for small ticket items some sites already display prices in bits or mills

the problem is there is no clear definition of what is what, for example on bitcoin qt 1/1,000,000th of a bitcoin is called a micro-bitcoin, on blockchain.info's wallet they call'm bits

who's correct?
what's what?
these are the things that keep me up at night! ( not really Tongue

)

opossum

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Quote from: adamstgBit on October 22, 2014, 09:42:13 PM

This is essentially the "system" that is used now. The symbols are really even the same (with the exception of satoshi as I have never seen that symbol before).

As of now, I really don't see any real need to measure bitcoin in any unit of measurement smaller then mBTC as bitcoin is not valuable enough for one additional .1 mBTC to make a difference in the actual price of something.

marhjan

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Poorer than I ought to be

Quote from: MakingMoneyHoney on October 23, 2014, 01:27:56 PM

For example: 10,000 Satoshi or 10k Sat.

+1 to using sat and ksat for amounts less than 1btm (0.001btc)

bitsmichel

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Quote from: MakingMoneyHoney on October 23, 2014, 01:27:56 PM

I'm just somewhat new to Bitcoins and cryptocurrency and trying to learn everything I can. From that perspective, I'm seeing a lot of websites newer people would look at, like faucets. I think newer people to Bitcoins might dabble in those before they put their foot in and actually buy some. So my thoughts are, Bitcoins for larger amounts, and Satoshis for smaller amounts.

For example: 10,000 Satoshi or 10k Sat.

BTW: Is there a Satoshi sign like there is BTC symbol or ¢ symbol for dollars?

I like this proposition. Satoshi makes sense for small amounts, whereas it does not make sense for very large amounts . Bits is an interesting idea because it makes sense to get 'bits' when you buy bitcoin.

MakingMoneyHoney

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I'm just somewhat new to Bitcoins and cryptocurrency and trying to learn everything I can. From that perspective, I'm seeing a lot of websites newer people would look at, like faucets. I think newer people to Bitcoins might dabble in those before they put their foot in and actually buy some. So my thoughts are, Bitcoins for larger amounts, and Satoshis for smaller amounts.

For example: 10,000 Satoshi or 10k Sat.

BTW: Is there a Satoshi sign like there is BTC symbol or ¢ symbol for dollars?

mlferro

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Quote from: cryptomanik on October 23, 2014, 02:04:14 AM

Quote from: solex on October 22, 2014, 10:51:47 PM

Quote from: adamstgBit on October 22, 2014, 09:42:13 PM

This looks good!

Bitcent.. I said bitcent. Bits not sounds so good for a very serious kind of matter.

liked !! very good the picture

orsotheysaid

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We should talk in BTC to talk big amounts, bits for single digit dollar ammounts, satoshis for cents of dollars.

Q7

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For me I'm fine with the term bits, xbt, mbtc, ubtc, whichever as long as the other guy understands it. I know there won't be a one voice consensus here because everybody will have their own opinion

ytr8

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$5 is about 0.0125BTC,NOW

cryptomanik

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Quote from: solex on October 22, 2014, 10:51:47 PM

Quote from: adamstgBit on October 22, 2014, 09:42:13 PM

http://s24.postimg.org/igushgsyd/Bitcoin_Fractional_Units.png

This looks good!

Bitcent.. I said bitcent. Bits not sounds so good for a very serious kind of matter.

phillipsjk

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Let the chips fall where they may.

Quote from: adamstgBit on October 22, 2014, 11:43:14 PM

so you purpose only 1 Fractional Unit 1XBT = 1 / 1,000,000^th of a bitcoin.

why X. B. T. tho?

why not B. I. T. ?

Quote from: Wikipedia

In addition to codes for most active national currencies ISO 4217 provides codes for "supranational" currencies, procedural purposes, and several things which are "similar to" currencies:

Codes for precious metals Gold (XAU), Silver (XAG), Palladium (XPD), and Platinum (XPT) are formed by prefixing the element's chemical symbol with the letter "X". These "currency units" are denominated as one troy ounce of the specified metal as opposed to "USD 1" or "EUR 1".
The code XTS is reserved for use in testing.
The code XXX is used to denote a "transaction" involving no currency.
There are also codes specifying certain monetary instruments used in international finance, e.g. XDR is the symbol for special drawing right issued by the International Monetary Fund.
The codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit (ECU), had the code XEU.

The use of an initial letter "X" for these purposes is facilitated by the ISO 3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO 4217 can use X codes without risk of clashing with a future country code.

- ISO 4217

mkc

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I don't care, anything is okay

franky1

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so this is poll number 1million and thread number 10 million all about the topic of bits.. and so far bits is in the lead....

....
....
....
hopefully the OP and all the other posts they cry about bits, will realise that although the poster doesnt like it, the majority of others that bother reading these endless topics keep highlighting that bits is good.

you can try twisting the words all you like but every poll that has asked about bits has shown bits to be best.. can we finally just accept it and move on

adamstgBit

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Quote from: phillipsjk on October 22, 2014, 11:02:41 PM

I am not sure why we need yet another poll on this.

I still hate 'bits' because I (and others) will find it confusing. Others will come in with other seemingly confusing examples to try to prove I can handle it with my big-boy pants.

The poll is also strangely worded; in terms of the current exchange rate: which I doubt is finished moving around.

One thing I do support is:

10⁸ Satoshies = 1 BTC
100 Satoshies = 1 XBT (ISO 4217 compliant)

That solves the problems with financial software assuming 2 decimal places. It also avoids confusion because the XBT term is not widely used yet.

Of course, calling XBT=100 Satoshies "one Bitcoin" would cause confusion.

this is interesting, you have some compelling reasoning too..

so you purpose only 1 Fractional Unit 1XBT = 1 / 1,000,000^th of a bitcoin.

why X. B. T. tho?

why not B. I. T. ?

phillipsjk

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Activity: 1008

Merit: 1001

Let the chips fall where they may.

I am not sure why we need yet another poll on this.

I still hate 'bits' because I (and others) will find it confusing. Others will come in with other seemingly confusing examples to try to prove I can handle it with my big-boy pants.

The poll is also strangely worded; in terms of the current exchange rate: which I doubt is finished moving around.

One thing I do support is:

10⁸ Satoshies = 1 BTC
100 Satoshies = 1 XBT (ISO 4217 compliant)

That solves the problems with financial software assuming 2 decimal places. It also avoids confusion because the XBT term is not widely used yet.

Of course, calling XBT=100 Satoshies "one Bitcoin" would cause confusion.

Topic: Bitcoin Fractional Units (Read 2425 times)